ASB Bank expects its takeover of Sovereign will go unconditional this week after acceptance passed the 90 per cent threshold level on Friday.
The offer, which was made through subsidiary ASB Life, was subject to 90 percent acceptance with an acceptance deadline of December 5.
"ASB Life is pleased to announce that acceptances under its takeover offer for Sovereign now amount to 92.7 percent," ASB Bank managing director Ralph Norris says.
"ASB Life expects the offer to go unconditional towards the end of next week when all remaining conditions, which are of a routine nature, are expected to have been fulfilled."
ASB Bank, which is 75 percent owned by Commonwealth Bank of Australia, announced a takeover bid for Sovereign last month at $2.25 per share.
The next rationalisation candidate? Government ministers will discuss the future ownership of the Government-owned trustee services and fund management business, the Public Trust Office, within the next two weeks.
Treasury deputy secretary Geoff Dangerfield told Parliament's finance and expenditure select committee, last week, that a Treasury-commissioned report by Macquarie Bank - outlining the options for the Public Trust - had been received by officials within the past week.
New float...1 Nobilo Wines plans to raise $7 million through a public offering and to list on the New Zealand Stock Exchange.
Public shareholders will own just over 17 per cent of the enlarged company after the shares are issued at 80c each. The Nobilo family will take up 1.25m of the 8.75m new shares being issued, which will give them a 31.6 per cent shareholding.
Other major shareholders include listed Australian wine company BRL Hardy (23.6 per cent), Emerald Capital (18.5 per cent), and Vieceli family interests (9.2 per cent).
The listed entity is the parent company of Nobilo and Selaks wineries, and will operate out of Auckland and Marlborough.
The share offer will be fully underwritten by lead manager Salomon Smith Barney.
New float...2 Author Alan Duff is hoping to raise $6.2 million in a public share offer to fund the making of his new movie One Night Out Stealing.
One Night Out Stealing is expected to premiere in September/October next year.
The offer has considerable risk as film revenues are hard to forecast. Duff says the film company was being floated on the strength of the script, not for any tax advantages. The company will pay tax on any profit.
The offer's organising broker is Forsyth Barr.
Package approved Shareholders in North Island meat processor Affco Holdings have approved a $65 million refinancing package involving Farmers Mutual Group.
The deal was approved at a special meeting of shareholders last week.
Affco chairman Peter Jackson says the refinancing package would form one of the key planks for returning the company to profitability. Earlier the company reported a $2.5 million operating shortfall for the year to September.
Manager switch AMP has changed the manager of its Asian Share Investment funds following the loss of some wholesale client money.
Formerly the fund invested in a wholesale fund, which invested in AMP Asset Management Australia's Combined Asian Share Fund.
The money is now invested in the BT Private Selection Asian Share Fund.
The management change has been made as the former arrangement was no longer viable.
ASB Bank expects its takeover of Sovereign will go unconditional this week after acceptance passed the 90 per cent threshold level on Friday. 